– Double-Digit Increases in Revenues and Adjusted EBITDA, Led by
Construction Products and Engineered Structures
– Results Ahead of Expectation on Utility Structures Performance
and Solid Execution from Cyclical Businesses Despite Headwinds
– Divestiture of Storage Tanks Business Advances Portfolio
Simplification
Arcosa, Inc. (NYSE: ACA) (“Arcosa,” the “Company,” “We,” or
“Our”), a provider of infrastructure-related products and
solutions, today announced results for the first quarter ended
March 31, 2022.
First Quarter Highlights (All comparisons are versus the
prior year quarter unless noted otherwise)
- Revenues of $535.8 million, up 22%
- Net income of $20.2 million and Adjusted Net Income of $20.9
million
- Diluted EPS of $0.41, up 28%, and Adjusted Diluted EPS of
$0.42, up 20%
- Adjusted EBITDA of $73.4 million, up 30%
- Operating cash flow of $24.5 million and Free Cash Flow of
$(1.4) million
On April 26, 2022, the Company announced it entered into a
definitive agreement to sell its storage tanks business to Black
Diamond Capital Management, LLC for $275 million in cash. The
transaction is expected to close in the second half of 2022 and is
subject to customary closing conditions, including regulatory
approvals in the U.S. and Mexico.
“Arcosa’s first quarter results exceeded our expectations, with
Adjusted EBITDA growth of 30% outpacing revenue growth,” said
Antonio Carrillo, President and Chief Executive Officer. “I am very
pleased with our strong start to the year, as our portfolio of
businesses generated solid performance in a challenging
environment.
“In addition, we significantly advanced our long-term vision to
reduce the complexity of Arcosa’s overall portfolio with the
agreement to sell our storage tanks business. We intend to invest
the proceeds into our key growth businesses. The divestiture aligns
with our focused strategy to shift our business mix towards less
cyclical, higher-margin growth opportunities that leverage our core
strengths and drive long-term shareholder value creation.”
Carrillo continued, “Led by contributions from recent
acquisitions and supported by organic growth, Construction Products
performed well during the quarter, delivering a 26% increase in
Adjusted Segment EBITDA. Construction activity remained healthy,
and we experienced another quarter of broad pricing gains across
our portfolio. Favorable market conditions and improved
efficiencies in our utility structures business, coupled with solid
execution in our cyclical businesses, elevated our first quarter
performance.
“We are focused on closely managing inflationary pressures,
proactively raising prices and carefully monitoring raw material
costs. Global steel prices remain elevated, recouping declines
observed earlier in the first quarter ahead of the escalating
conflict in Ukraine. As a result, the market expectation is for
steel prices to remain high through at least the remainder of
2022.
“Benefiting from our ability to secure competitive steel
pricing, we received $105 million of orders in our barge business
during the first quarter, representing the highest quarterly level
of orders in two years. The profitability of these orders remains
low, but they reflect the significant pent-up replacement demand
for hopper barges and fill our planned capacity for 2022, while
helping to leverage our fixed costs. In addition, the new orders
provide critical production continuity into 2023, positioning us to
remain flexible and participate in the anticipated recovery.”
Carrillo concluded, “We ended the quarter with ample liquidity
and improved our Free Cash Flow compared to last year.”
2022 Outlook and Guidance
The Company made the following adjustments to its full year
guidance:
- Tightened its full year 2022 Adjusted EBITDA guidance range to
$290 million to $305 million, from its prior guidance range of $280
million to $305 million.
- Expects to update its full year 2022 guidance for the sale of
its storage tanks business at the close of the transaction.
Commenting on the outlook, Carrillo noted, “Our first quarter
performance strengthens our ability to achieve our full year 2022
guidance, and we are therefore raising the mid-point of our
Adjusted EBITDA range. Fundamentals for our key growth businesses,
Construction Products and Engineered Structures, remain favorable
and we are managing our cyclical businesses well, with first
quarter performance exceeding our expectations. We look forward to
closing the sale of our storage tanks business later this year and
are actively working on our pipeline of investment opportunities to
redeploy the proceeds in a timely manner.”
First Quarter 2022 Results and Commentary
Construction Products
- Revenues increased 38% to $211.5 million primarily driven by
recent acquisitions, along with higher volumes and pricing in our
recycled aggregates and specialty materials businesses as well as
increased volumes and higher steel prices in our shoring products
business.
- Revenues in our legacy natural aggregates business were up
slightly as strong pricing gains were partially offset by
anticipated volume declines in Central Texas as certain larger
projects rolled off.
- Adjusted Segment EBITDA increased 26% to $41.3 million,
representing a 19.5% margin compared to 21.5% in the prior
year.
- The decrease in margin primarily reflected the addition of
StonePoint Materials, with margins below the segment average and
operations more exposed to seasonal winter weather in the first
quarter.
Engineered Structures
- Revenues increased 21% year-over-year to $250.5 million driven
by higher pricing across all product lines, which more than offset
lower volumes in wind towers.
- Adjusted Segment EBITDA increased 38% to $36.3 million,
representing a 14.5% margin compared to a 12.8% margin a year
ago.
- The increase in Adjusted Segment EBITDA was primarily driven by
higher pricing in our utility structures and storage tanks
businesses as well as improved margins in our utility structures
business resulting from a favorable product mix and increased
efficiencies.
- Order activity for utility, telecom, and traffic structures
continued to be healthy during the quarter, with a book-to-bill
above 1.0, driven by grid hardening and reliability initiatives,
the 5G build-out, and road infrastructure investment.
- The combined backlog for utility, wind, and related structures
at the end of the first quarter was $421.0 million compared to
$437.5 million at the end of the fourth quarter of 2021.
Transportation Products
- Revenues were $73.8 million, down 8% year-over-year. Barge
revenues decreased 19% driven by lower tank barge deliveries,
partially offset by a slight increase in hopper barge deliveries.
Conversely, steel components revenues increased 20% primarily due
to higher volumes to support improving demand in the North American
railcar market.
- Adjusted Segment EBITDA decreased 24% year-over-year to $6.6
million, representing an 8.9% margin compared to a 10.8% margin a
year ago. Segment margins declined due to overall lower
volumes.
- During the quarter, we received orders of approximately $105
million in our barge business, primarily for hopper barges. These
orders fill our planned capacity for 2022 and extend our backlog
into 2023.
- Backlog at the end of the quarter was $150.6 million compared
to $92.7 million at the end of the fourth quarter of 2021. We
expect to deliver 72% of our current backlog in 2022 with the
remainder scheduled to deliver in 2023.
Corporate and Other Financial Notes
- Excluding acquisition and divestiture-related costs, corporate
expenses were $12.1 million in the first quarter, slightly lower
than the prior year.
- Acquisition and divestiture-related costs, which have been
excluded from Adjusted EBITDA for both periods, were $0.9 million
in the first quarter compared to $1.7 million in the prior
year.
- The effective tax rate for the quarter was 24.1% compared to
21.7% in the prior year. The increase in the tax rate was primarily
due to increased state and foreign taxes.
Cash Flow and Liquidity
- Operating cash flow was $24.5 million up from $0.4 million in
the prior year.
- Working capital was a use of cash of $38.1 million for the
quarter, driven by increased volumes and higher steel prices, and
improved from prior year's $46.7 million use of cash.
- Capital expenditures were $25.9 million resulting in Free Cash
Flow of $(1.4) million for the first quarter, up from $(19.5)
million in the prior year.
- We ended the quarter with total liquidity of $435.1 million,
including $88.6 million of cash, and net debt to Adjusted EBITDA
was 2.0X for the trailing twelve months.
Non-GAAP Financial Information
This earnings release contains financial measures that have not
been prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”). Reconciliations of non-GAAP financial measures
to the closest GAAP measure are included in the accompanying tables
to this earnings release.
Conference Call Information
A conference call is scheduled for 8:30 a.m. Eastern Time on
April 29, 2022 to discuss 2022 first quarter results. To listen to
the conference call webcast, please visit the Investor Relations
section of Arcosa’s website at https://ir.arcosa.com. A slide
presentation for this conference call will be posted on the
Company’s website in advance of the call at https://ir.arcosa.com.
The audio conference call number is 800-459-5343 for domestic
callers and 203-518-9553 for international callers. The conference
ID is ARCOSA and the passcode is 389417. An audio playback will be
available through 11:59 p.m. Eastern Time on May 13, 2022, by
dialing 800-925-9627 for domestic callers and 402-220-5390 for
international callers. A replay of the webcast will be available
for one year on Arcosa’s website at
https://ir.arcosa.com/news-events/events-presentations.
About Arcosa
Arcosa, Inc. (NYSE:ACA), headquartered in Dallas, Texas, is a
provider of infrastructure-related products and solutions with
leading positions in construction, engineered structures, and
transportation markets. Arcosa reports its financial results in
three principal business segments: the Construction Products
segment, the Engineered Structures segment, and the Transportation
Products segment. For more information, visit www.arcosa.com.
Some statements in this release, which are not historical facts,
are “forward-looking statements” as defined by the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements about Arcosa’s estimates,
expectations, beliefs, intentions or strategies for the future.
Arcosa uses the words “anticipates,” “assumes,” “believes,”
“estimates,” “expects,” “intends,” “forecasts,” “may,” “will,”
“should,” “guidance,” “outlook,” “strategy,” and similar
expressions to identify these forward-looking statements.
Forward-looking statements speak only as of the date of this
release, and Arcosa expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statement contained herein, except as required by
federal securities laws. Forward-looking statements are based on
management’s current views and assumptions and involve risks and
uncertainties that could cause actual results to differ materially
from historical experience or our present expectations, including
but not limited to assumptions, risks and uncertainties regarding
the impact of the COVID-19 pandemic on Arcosa’s customer demand for
Arcosa’s products and services, Arcosa’s supply chain, Arcosa’s
employees’ ability to work because of COVID-19 related illness, the
health and safety of our employees, the effect of governmental
regulations imposed in response to the COVID-19 pandemic;
assumptions, risks and uncertainties regarding achievement of the
expected benefits of Arcosa’s spin-off from Trinity; tax treatment
of the spin-off; failure to successfully integrate acquisitions or
divest any business, or failure to achieve the expected benefits of
acquisitions or divestitures; market conditions and customer demand
for Arcosa’s business products and services; the cyclical nature
of, and seasonal or weather impact on, the industries in which
Arcosa competes; competition and other competitive factors;
governmental and regulatory factors; changing technologies;
availability of growth opportunities; market recovery; ability to
improve margins; the impact of inflation and costs of materials;
and Arcosa’s ability to execute its long-term strategy, and such
forward-looking statements are not guarantees of future
performance. For further discussion of such risks and
uncertainties, see "Risk Factors" and the "Forward-Looking
Statements" section of "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in Arcosa's Form
10-K for the year-ended December 31, 2021 and as may be revised and
updated by Arcosa's Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K.
TABLES TO FOLLOW
Arcosa, Inc.
Condensed Consolidated Statements of
Operations
(in millions, except per share
amounts)
(unaudited)
Three Months Ended March
31,
2022
2021
Revenues
$
535.8
$
440.4
Operating costs:
Cost of revenues
438.5
361.1
Selling, general, and administrative
expenses
62.6
56.4
501.1
417.5
Operating profit
34.7
22.9
Interest expense
7.2
2.1
Other, net (income) expense
0.9
0.5
8.1
2.6
Income before income taxes
26.6
20.3
Provision for income taxes
6.4
4.4
Net income
$
20.2
$
15.9
Net income per common share:
Basic
$
0.42
$
0.33
Diluted
$
0.41
$
0.32
Weighted average number of shares
outstanding:
Basic
48.2
48.0
Diluted
48.8
48.8
Arcosa, Inc.
Condensed Segment Data
(in millions)
(unaudited)
Three Months Ended March
31,
Revenues:
2022
2021
Aggregates and specialty materials
$
187.9
$
135.3
Construction site support
23.6
17.9
Construction Products
211.5
153.2
Utility, wind, and related structures
190.6
164.0
Storage tanks
59.9
43.0
Engineered Structures
250.5
207.0
Inland barges
47.0
57.9
Steel components
26.8
22.3
Transportation Products
73.8
80.2
Consolidated Total
$
535.8
$
440.4
Three Months Ended March
31,
Operating profit (loss):
2022
2021
Construction Products
$
16.7
$
15.8
Engineered Structures
28.3
17.5
Transportation Products
2.7
4.1
Segment Totals before Corporate
Expenses
47.7
37.4
Corporate
(13.0
)
(14.5
)
Consolidated Total
$
34.7
$
22.9
Backlog:
March 31, 2022
March 31, 2021
Engineered Structures:
Utility, wind, and related structures
$
421.0
$
379.5
Storage tanks
$
20.9
$
30.7
Transportation Products:
Inland barges
$
150.6
$
133.2
Arcosa, Inc.
Condensed Consolidated Balance
Sheets
(in millions)
(unaudited)
March 31, 2022
December 31, 2021
Current assets:
Cash and cash equivalents
$
88.6
$
72.9
Receivables, net of allowance
373.7
310.8
Inventories
342.8
324.5
Other
36.5
59.7
Total current assets
841.6
767.9
Property, plant, and equipment, net
1,196.4
1,201.9
Goodwill
938.6
934.9
Intangibles, net
215.9
220.3
Deferred income taxes
12.6
13.2
Other assets
51.7
49.9
$
3,256.8
$
3,188.1
Current liabilities:
Accounts payable
$
228.7
$
184.7
Accrued liabilities
140.4
145.9
Advance billings
20.4
18.6
Current portion of long-term debt
14.2
14.8
Total current liabilities
403.7
364.0
Debt
666.4
664.7
Deferred income taxes
137.5
134.0
Other liabilities
71.6
72.1
1,279.2
1,234.8
Stockholders' equity:
Common stock
0.5
0.5
Capital in excess of par value
1,697.1
1,692.6
Retained earnings
297.3
279.5
Accumulated other comprehensive loss
(17.1
)
(19.3
)
Treasury stock
(0.2
)
—
1,977.6
1,953.3
$
3,256.8
$
3,188.1
Arcosa, Inc.
Consolidated Statements of Cash
Flows
(in millions)
(unaudited)
Three Months Ended March
31,
2022
2021
Operating activities:
Net income
$
20.2
$
15.9
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and
amortization
37.8
31.4
Stock-based compensation expense
4.4
4.7
Provision for deferred income taxes
5.1
1.3
Gains on disposition of property and other
assets
(1.2
)
(5.9
)
(Increase) decrease in other assets
(1.2
)
1.5
Increase (decrease) in other
liabilities
(3.0
)
(4.0
)
Other
0.5
2.2
Changes in current assets and
liabilities:
(Increase) decrease in receivables
(69.3
)
(31.9
)
(Increase) decrease in inventories
(18.2
)
(14.7
)
(Increase) decrease in other current
assets
2.7
(5.4
)
Increase (decrease) in accounts
payable
44.0
31.6
Increase (decrease) in advance
billings
1.8
(16.1
)
Increase (decrease) in accrued
liabilities
0.9
(10.2
)
Net cash provided by operating
activities
24.5
0.4
Investing activities:
Proceeds from disposition of property and
other assets
20.6
9.5
Capital expenditures
(25.9
)
(19.9
)
Net cash required by investing
activities
(5.3
)
(10.4
)
Financing activities:
Payments to retire debt
(1.0
)
(1.4
)
Dividends paid to common stockholders
(2.4
)
(2.4
)
Purchase of shares to satisfy employee tax
on vested stock
(0.1
)
(0.1
)
Net cash required by financing
activities
(3.5
)
(3.9
)
Net increase (decrease) in cash and cash
equivalents
15.7
(13.9
)
Cash and cash equivalents at beginning of
period
72.9
95.8
Cash and cash equivalents at end of
period
$
88.6
$
81.9
Arcosa, Inc.
Reconciliation of Adjusted
EBITDA
($ in millions)
(unaudited)
“EBITDA” is defined as net income plus
interest, taxes, depreciation, depletion, and amortization.
“Adjusted EBITDA” is defined as EBITDA adjusted for certain items
that are not reflective of the normal earnings of our business.
GAAP does not define EBITDA or Adjusted EBITDA and they should not
be considered as alternatives to earnings measures defined by GAAP,
including net income. We use Adjusted EBITDA to assess the
operating performance of our consolidated business, as a metric for
incentive-based compensation, as a measure within our lending
arrangements, and as a basis for strategic planning and forecasting
as we believe that it closely correlates to long-term shareholder
value. As a widely used metric by analysts, investors, and
competitors in our industry, we believe Adjusted EBITDA also
assists investors in comparing a company's performance on a
consistent basis without regard to depreciation, depletion,
amortization, and other items which can vary significantly
depending on many factors. “Adjusted EBITDA Margin” is defined as
Adjusted EBITDA divided by Revenues.
Three Months Ended March
31,
Full Year 2022
Guidance
2022
2021
Low
High
Revenues
$
535.8
$
440.4
$
2,100.0
$
2,200.0
Net income
20.2
15.9
75.0
83.0
Add:
Interest expense, net
7.1
2.1
31.0
31.0
Provision for income taxes
6.4
4.4
21.5
22.5
Depreciation, depletion, and amortization
expense(1)
37.8
31.4
155.0
160.0
EBITDA
71.5
53.8
282.5
296.5
Add:
Impact of acquisition and
divestiture-related expenses(2)
0.9
2.2
7.5
8.5
Other, net (income) expense(3)
1.0
0.5
—
—
Adjusted EBITDA
$
73.4
$
56.5
$
290.0
$
305.0
Adjusted EBITDA Margin
13.7
%
12.8
%
13.8
%
13.9
%
(1) Includes the impact of the fair value
markup of acquired long-lived assets, subject to final purchase
price adjustments.
(2) Expenses associated with acquisitions
and divestitures, including the cost impact of the fair value
markup of acquired inventory, advisory and professional fees,
integration, separation, and other transaction costs.
(3) Included in Other, net (income)
expense was the impact of foreign currency exchange transactions of
$1.0 million and $0.6 million for the three months ended March 31,
2022 and 2021, respectively.
Arcosa, Inc.
Reconciliation of Adjusted Net
Income
($ in millions)
(unaudited)
GAAP does not define “Adjusted Net Income”
and it should not be considered as an alternative to earnings
measures defined by GAAP, including net income. We use this metric
to assess the operating performance of our consolidated business.
We adjust net income for certain items that are not reflective of
the normal operations of our business to provide investors with
what we believe is a more consistent comparison of earnings
performance from period to period.
Three Months Ended March
31,
2022
2021
Net Income
$
20.2
$
15.9
Impact of acquisition and
divestiture-related expenses, net of tax(1)
0.7
1.7
Adjusted Net Income
$
20.9
$
17.6
(1) Expenses associated with acquisitions
and divestitures, including the cost impact of the fair value
markup of acquired inventory, advisory and professional fees,
integration, separation, and other transaction costs.
Arcosa, Inc.
Reconciliation of Adjusted Segment
EBITDA
($ in millions)
(unaudited)
“Segment EBITDA” is defined as segment
operating profit plus depreciation, depletion, and amortization.
“Adjusted Segment EBITDA” is defined as Segment EBITDA adjusted for
certain items that are not reflective of the normal earnings of our
business. GAAP does not define Segment EBITDA or Adjusted Segment
EBITDA and they should not be considered as alternatives to
earnings measures defined by GAAP, including segment operating
profit. We use Adjusted Segment EBITDA to assess the operating
performance of our businesses, as a metric for incentive-based
compensation, and as a basis for strategic planning and forecasting
as we believe that it closely correlates to long-term shareholder
value. As a widely used metric by analysts, investors, and
competitors in our industry we believe Adjusted Segment EBITDA also
assists investors in comparing a company's performance on a
consistent basis without regard to depreciation, depletion,
amortization, and other items, which can vary significantly
depending on many factors. "Adjusted Segment EBITDA Margin" is
defined as Adjusted Segment EBITDA divided by Revenues.
Three Months Ended March
31,
2022
2021
Construction Products
Revenues
$
211.5
$
153.2
Operating Profit
16.7
15.8
Add: Depreciation, depletion, and
amortization expense(1)
24.6
17.1
Segment EBITDA
41.3
32.9
Adjusted Segment EBITDA
$
41.3
$
32.9
Adjusted Segment EBITDA Margin
19.5
%
21.5
%
Engineered Structures
Revenues
$
250.5
$
207.0
Operating Profit
28.3
17.5
Add: Depreciation and amortization
expense(1)
8.0
8.4
Segment EBITDA
36.3
25.9
Add: Impact of acquisition and
divestiture-related expenses(2)
—
0.5
Adjusted Segment EBITDA
$
36.3
$
26.4
Adjusted Segment EBITDA Margin
14.5
%
12.8
%
Transportation Products
Revenues
$
73.8
$
80.2
Operating Profit
2.7
4.1
Add: Depreciation and amortization
expense(1)
3.9
4.6
Segment EBITDA
6.6
8.7
Adjusted Segment EBITDA
$
6.6
$
8.7
Adjusted Segment EBITDA Margin
8.9
%
10.8
%
Operating Loss - Corporate
$
(13.0
)
$
(14.5
)
Add: Impact of acquisition and
divestiture-related expenses - Corporate(2)
0.9
1.7
Add: Corporate depreciation expense
1.3
1.3
Adjusted EBITDA
$
73.4
$
56.5
(1) Includes the impact of the fair value
markup of acquired long-lived assets, subject to final purchase
price adjustments.
(2) Expenses associated with acquisitions
and divestitures, including the cost impact of the fair value
markup of acquired inventory, advisory and professional fees,
integration, separation, and other transaction costs.
Arcosa, Inc.
Reconciliation of Adjusted Diluted EPS
and Free Cash Flow
(unaudited)
GAAP does not define “Adjusted Diluted
EPS” and it should not be considered as an alternative to earnings
measures defined by GAAP, including diluted EPS. We use this metric
to assess the operating performance of our consolidated business.
We adjust diluted EPS for certain items that are not reflective of
the normal operations of our business to provide investors with
what we believe is a more consistent comparison of earnings
performance from period to period.
Three Months Ended March
31,
2022
2021
(in dollars per share)
Diluted EPS
$
0.41
$
0.32
Impact of acquisition and
divestiture-related expenses
0.01
0.03
Adjusted Diluted EPS
$
0.42
$
0.35
GAAP does not define “Free Cash Flow” and
it should not be considered as an alternative to cash flow measures
defined by GAAP, including cash flow from operating activities. We
define Free Cash Flow as cash provided by operating activities less
capital expenditures. The Company also uses "Free Cash Flow
Conversion", which we define as Free Cash Flow divided by net
income. We use these metrics to assess the liquidity of our
consolidated business. We present these metrics for the convenience
of investors who use such metrics in their analysis and for
shareholders who need to understand the metrics we use to assess
performance and monitor our cash and liquidity positions.
Three Months Ended March
31,
2022
2021
(in millions)
Cash Provided by Operating Activities
$
24.5
$
0.4
Capital expenditures
(25.9
)
(19.9
)
Free Cash Flow
$
(1.4
)
$
(19.5
)
Net income
$
20.2
$
15.9
Free Cash Flow Conversion
(7
)%
(123
)%
Arcosa, Inc.
Reconciliation of Net Debt to Adjusted
EBITDA
(unaudited)
GAAP does not define “Net Debt” and it
should not be considered as an alternative to cash flow or
liquidity measures defined by GAAP. The Company uses Net Debt,
which it defines as total debt minus cash and cash equivalents to
determine the extent to which the Company’s outstanding debt
obligations would be satisfied by its cash and cash equivalents on
hand. The Company also uses "Net Debt to Adjusted EBITDA", which it
defines as Net Debt divided by Adjusted EBITDA for the trailing
twelve months as a metric of its current leverage position. We
present this metric for the convenience of investors who use such
metrics in their analysis and for shareholders who need to
understand the metrics we use to assess performance and monitor our
cash and liquidity positions.
March 31, 2022
(in millions)
Total debt excluding debt issuance
costs
$
686.6
Cash and cash equivalents
88.6
Net Debt
$
598.0
Adjusted EBITDA (trailing twelve months)
(1)
$
304.9
Net Debt to Adjusted EBITDA
2.0
(1) Adjusted EBITDA includes a 4 month pro
forma adjustment of $4.7 million based on previously disclosed
Adjusted EBITDA for Southwest Rock of $14.0 million for the twelve
months ended May 31, 2021.
Arcosa, Inc.
Reconciliation of Adjusted EBITDA for
Cyclical and Growth Businesses
(in millions)
(unaudited)
We have included the following table to
assist investors in understanding the different market dynamics
impacting our various businesses and their overall impact on the
Company's consolidated Adjusted EBITDA.
Year Ended December
31,
Full Year 2022
Guidance
2018
2019
2020
2021
Low
High
Consolidated Adjusted EBITDA(1)
$
186.5
$
240.7
$
283.7
$
283.3
$
290.0
$
305.0
Add: Corporate Adjusted EBITDA(1)
32.0
43.7
48.2
45.4
50.0
50.0
Adjusted EBITDA, excluding
corporate
218.5
284.4
331.9
328.7
340.0
355.0
Wind towers business:
Operating Profit
56.7
55.5
41.8
19.9
Add: Depreciation and amortization
expense
8.4
7.9
7.8
7.3
Wind towers EBITDA
65.1
63.4
49.6
27.2
Wind towers Adjusted EBITDA
65.1
63.4
49.6
27.2
7.0
9.0
Transportation Products Adjusted
Segment EBITDA(1)
63.9
63.7
77.6
24.2
13.0
16.0
Cyclical businesses Adjusted
EBITDA(2)
129.0
127.1
127.2
51.4
20.0
25.0
Growth businesses Adjusted
EBITDA(3)
$
89.5
$
157.3
$
204.7
$
277.3
$
320.0
$
330.0
(1) See Reconciliation of Adjusted Segment
EBITDA table.
(2) Our cyclical businesses include our
wind towers business, included in the Engineered Structures
segment, and our Transportation Products segment, which includes
our barge and steel components businesses.
(3) Our growth businesses include our
Construction Products segment and our Engineered Structures
segment, excluding the wind towers business.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220428005979/en/
INVESTOR CONTACTS Gail M. Peck Chief Financial Officer Erin
Drabek Director of Investor Relations T 972.942.6500
InvestorResources@arcosa.com David Gold ADVIS IRY Partners T
212.661.2220 David.Gold@advisiry.com
MEDIA CONTACT Media@arcosa.com
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